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Canadian company Inter to sell European assets to raise money for its petrochemical unit in Alberta

September 24/2020

MOSCOW (MRC) -- Canada's Inter Pipeline Ltd said that it will sell a major portion of its European bulk liquid storage business to Spain-based CLH Group for 420 million pounds (USD537.73 million), said Hydrocarbonprocessing.

Proceeds from the sale will be used to cut debt, improve the balance sheet and help with Inter's spending plans, including on its Heartland Petrochemical Complex in Alberta, the company said.

The pipeline operator had halted the sale in March, stating potential buyers of the business had been significantly affected by the COVID-19 pandemic and that it was not the right time to pursue a major pan-European transaction.

The sale includes all of Inter's bulk liquid storage and handling assets in the UK, Ireland, the Netherlands and Germany, totaling 15 storage terminals and about 18 million barrels of storage capacity.

After the close of the deal, expected in fourth quarter, Inter will retain its 8 terminals in Sweden and Denmark comprising about 19 million barrels of aggregate storage capacity.

As MRC informed erlier, Inter Pipeline Ltd. has announced that its board of directors has authorized the construction of a world-scale integrated propane dehydrogenation (PDH) and polypropylene (PP) plant. The facilities, collectively referred to as the Heartland Petrochemical Complex, are estimated to cost USD3.5 B in aggregate and will be located in Strathcona County, Alberta near Inter Pipelines Redwater Olefinic Fractionator.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's overall PE production totalled 1,712,400 tonnes in the first seven months of 2020, up by 58% year on year. Linear low density polyethylene (LLDPE) accounted for the greatest increase in the output. At the same time, overall PP production in Russia increased in January-July 2020 by 24% year on year to 1,063,700 tonne. ZapSibNeftekhim accounted for the main increase in the output.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, ethylene, propylene, neftegaz, petrochemistry.
Category:General News
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